Posted on 08/08/2006 9:29:53 AM PDT by Hydroshock
Washington (Reuters) - U.S. consumer credit rose by a bigger-than-expected $10.27 billion in June on a surge in credit card debt, a Federal Reserve Report on Monday showed.
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Analysts polled by Reuters were expecting consumer credit to rise by just $4 billion after increasing by an upwardly revised $5.88 billion in May.
Consumer credit outstanding rose to $2.186 trillion in June, rising at a 5.66 percent annual rate from $2.176 trillion the prior month.
Revolving credit, which includes credit and charge cards, rose by an annual 9.80 percent rate in June to $820.65 billion after a 11.04 percent surge a month earlier.
Non-revolving credit -- closed-end loans for cars, boats, education expenses and holidays -- rose 3.19 percent to $1.366 trillion in June after slipping 1.35 percent the prior month.
Allow me to be the first....."Bush's fault!"
Gas prices and heating bills. It can't sustain forever.
My wife an I are luck to live below our means. That said we are cuttig back more to offset higher prices.
"Gas prices and heating bills. It can't sustain forever."
My thoughts exactly!
I know a lot of people who are cutting back and getting worried. And add insult to injury a whole lot of arms are starting to reset this year.
Slowly whittling away my revolving debt. Credit cards are evil. The quicker people realize this, the quicker we drag this country back to the right.
"My wife an I are luck to live below our means. That said we are cuttig back more to offset higher prices."
Ditto here!
I contributed my share. Between gas prices and oil (Pre-paid the season at $2.4599/gal.) you bet I used the credit card. If the Fed would stop jacking interest rates, I may be able to make it, otherwise, I'm going to have to get a roomate/boarder.
With the exception of my house, on a fixed mort., I'm debt free. No cards, no car no consumer debt.
Thank you Dave Ramsey!
Bingo.
Thank you Dave Ramsey!
This couldn't have anything to do with doubling the minimum cc payments,could it?
FOr some squeezed by higher minimum cc payments, higher interest rates, and higher costs of living you are right . Their end is here. Check out my tag line to figure out what I think of debt.
Wait! Sorry, my mistake, nevermind all that is some kooky theory...
It certainly is not helping.
Dave has a lot of wisdom.
Here's one for the End of the World (EW) list.
What "the new already/paid/for toll roads?"
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